Nova Scotians being cautioned after recent increase in crypto fraud
Posted Dec 19, 2023 11:22:23 AM.
Last Updated Dec 19, 2023 11:22:27 AM.
Authorities in Nova Scotia are cautioning residents about cryptocurrency scams ahead of the holiday season.
In a joint statement, the Nova Scotia Securities Commission, Halifax District RCMP and Halifax Regional Police say residents continue to lose substantial amounts of money to crypto-related scams.
Since a warning was issued in March, Nova Scotians have lost more than $750,000 to cryptocurrency fraud, with losses likely higher since much fraud goes unreported.
Specifically, two scams are being highlighted:
The first type of scam involves fake crypto-trading websites and platforms. According to the release, these unregistered platforms are being advertised, shared, and promoted through social media, forums, websites, and search engine results.
Another prevalent scam involves fraudsters posing as “professional” or “registered” crypto traders who target people interested in investing in crypto assets but do not have the technical knowledge to do it themselves. These so-called professional crypto traders are not registered and simply steal crypto assets and funds from unsuspecting investors.
Authorities say when trading in crypto assets, people should only use crypto-asset trading platforms or dealers registered in Canada.
A list of registered platforms is available on the Nova Scotia Securities website.
